Banking on a Positive CX

The Miami Herald recently reported that, in 2015, complaints filed with the state against Florida financial institutions were 34 percent fewer than in 2014 and a mere third of what they totaled in 2009 during the during the financial crisis.*

Wells Fargo had the most complaints followed by Bank of America. However, it was noted that with their larger market share, a larger number of complaints is to be expected. Factoring deposit market share into the equation to arrive at a Bank Complaint Index (BCI), Bank of America indexed as average but Wells Fargo, scored worse. It was also reported that complaints against credit unions have been growing steadily and, in 2015, 42% of the complaints concerned credit unions.

Filing a complaint with the state is a time-consuming process usually implemented as a last resort for those who cannot find a solution otherwise. Although these complaints likely involve a pattern of behavior or a disagreement in what was promised or delivered rather than one specific experience, we believe that exceptional customer service at every customer touch point can alleviate many issues before they reach this boiling point.

As a customer experience measurement and management business that was created for bankers by bankers, Electrum Branding has a keen insight on the behaviors that build loyalty as well as those that undermine it.

The following behaviors are often referenced when a bank scores positively on a mystery shop:

Acknowledging the customer immediately upon entering the bank

Establishing a rapport with them rather than selling right away

Asking questions about the customer in order to recommend the best account

Offering full support as a their personal banker

Using an enthusiastic tone

The following behaviors are often referenced when a bank scores poorly on a mystery shop:

Automated telephone menu/not being able to reach a human

Not using the customer’s name

Simply listing product/account specs without asking questions about the customer

How well do your employees perform? Are they creating loyalty and opportunities to cross-sell or are they repelling customers and generating negative reviews? Find out with a customized mystery shopping program from Electrum Branding. Our in-depth reports provide the insight needed to maximize the actions necessary to grow your bank or any business.

*According to report compiled by economist and banking industry expert Ken Thomas and based on data from the Florida Division of Financial Institutions.